If you are looking to explore the DeFi world on the Cardano blockchain, one of the wallets that you can use is the Nami Wallet.
After buying ADA on an exchange, here are the steps you’ll need to send it to your wallet.
How to send ADA to Nami Wallet
Here are 4 steps to send ADA to Nami:
- Select a platform that enables native ADA withdrawals
- Obtain the ADA deposit address from your Nami wallet
- Withdraw from the platform of your choice using the native Cardano network
- Receive ADA on Nami
And here is each step explained in-depth:
Select a platform that enables native ADA withdrawals
Since you are only able to send ADA via the native Cardano network, you will need to buy ADA on an exchange that supports such withdrawals.
Here are 5 exchanges for your consideration:
In terms of ADA withdrawals, it seems that Crypto.com has the lowest fees when you want to make a withdrawal.
Obtain the ADA deposit address from your Nami wallet
After deciding which platform to buy ADA from, you’ll need to do is to create a Nami Wallet.
Don’t forget to keep your seed phrase secure, as this can be used by anyone to access your wallet!
Once you have created your wallet, you will need to click on the browser extension and select ‘Receive‘,
and this will show you the ADA deposit address that you’ll need to copy to the platform of your choice.
Your address should start with ‘add‘, which is a Cardano network address. This is different from ‘0x‘ addresses which are for the ERC20 and BEP20 networks.
If you are finding it hard to remember all of these long deposit addresses, you may want to consider simplifying them using Unstoppable Domains.
This allows you to send crypto to a .crypto or .wallet address, which makes it much easier to transfer cryptocurrencies between platforms!
Withdraw from the platform of your choice using the native Cardano network
The next step you’ll need to do would be to withdraw ADA from the platform that you’ve chosen to Nami using the Cardano network.
There may be some platforms like Binance which allow you to withdraw ADA using different networks, such as BEP20 and BEP2.
It is important that you withdraw ADA using the Cardano network, and not the BEP2 or BEP20 networks. Nami does not support these 2 networks, and you may lose the ADA that you sent over!
Otherwise, you will be sending the Binance-Peg version of ADA, which is different from native ADA.
Receive ADA in your Nami Wallet
After the transfer has been initiated, you will receive ADA in your Nami Wallet. Transactions on the Cardano network are really fast, and you should be able to receive the funds within a few minutes!
When you are sending ADA to Nami, it is important that you only do so via the native Cardano network.
If you choose to send ADA via another network, there may be a chance that your ADA may be lost forever!
Alternatively, you can look to stake ADA on other platforms such as Exodus.
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